Tag Archives: tax
Form 1099-K – More Time Given by IRS
Last week, the IRS made some much-needed additions to its frequently asked questions page. These new additions were made regarding form 1099-K, which is the form used to report information about taxpayers’ use of third-party payment networks.… Continue reading
NY Lawmakers Look to Tax Streaming Services and Delivery Fees
New Yorkers could be soon facing a tax on popular digital streaming services for entertainment avenues like music, TV, and audiobooks. However, it doesn’t stop there, lawmakers are also looking to add a fee for delivery services to raise money … Continue reading
Senator Manchin Says He Will Not Approve Biden’s Pick for IRS Commissioner
Last week, Joe Manchin who is a Democrat and West Virginia senator announced that he will not approve the president’s nomination for commissioner of the Internal Revenue Service. According to Manchin, one of the biggest reasons he is voting against … Continue reading
NY Lawmakers Seek Changes to Cannabis Tax
Two Key lawmakers in the state Legislature are calling to make changes to the way New York taxes cannabis, as the state plans for the launch of this new market this year. Assembly Majority Leader Crystal Peoples-Stokes and state Sen. … Continue reading
False W-2 Claims – A New Scam This Tax Season
The IRS is warning taxpayers to be aware of a new tax scam this season involving Form W-2. According to the agency, scammers are trying to convince taxpayers to use their wage information on a tax return to falsely … Continue reading
Top 5 Biggest Individual Refund States
Despite popular belief, the amount received on an individual tax return isn’t determined by the economic condition of the state. Furthermore, the size and population of a state also do not help determine an individual tax returns refund amount.
This … Continue reading
3 Keys to Know Before Filing Your Taxes
We are almost 6 weeks away from tax filing season, and IRS improvements are well underway which include things like staffing and tech upgrades as the agency continues to deploy its $80 million in funding from the Inflation Reduction Act… Continue reading
NY Cigarette Tax Increase Could Decrease States Tax Revenue
New York State is considering implementing a new cigarette tax that could have serious economic consequences. The proposed tax would increase the state’s cigarette tax from $4.35 to $5.35 per pack. While the goal of the tax is to discourage … Continue reading
Tax Deadline Extended For Taxpayers in Certain Disaster Areas
Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline … Continue reading
Small Tax Cap Reduction Can Result in Major Benefits
According to a report that was released last week, a small reduction in the nation’s tax gap could result in large fiscal benefits for the federal government. This new report was released with the purpose to give suggestions to both … Continue reading